Digital transformation is useful for the new age business, particularly for the eCommerce industry. It has formed a remarkable role for diverse industries to grow successfully. This approach combines refined technologies to offer adequate solutions to the end-users at an affordable cost. Based on our recent study done by Markets and Markets, the digital transformation industry is expected to grow 19.1% from $521.5 billion in 2021 to $127.5 billion by 2026.
This analysis can clearly identify the popularity and requirement of digital transformation in the recent business process. However, till now, many of us have yet to learn of the benefits of the digital transformation process in eCommerce. This process systematically combines digital technologies into different business functions to boost overall growth, nourishing higher customer satisfaction and increasing return on investment.
This guide is designed to understand more about this vital approach; it will help you to unfold the current trends in the digital transformation market to furnish the best solution to the consumers. Along with the recent trends, this article will help you to comprehend the digital transformation benefits of undertaking the process of digital solutions to your current business to acquire higher profits.
Recent Trends In Digital Transformation
While discussing the recent trends in digital transformation, we need to understand the key strategies, including low code, AL and ML, cloud computing, customer data platforms, and lots more. This section will help you understand the recent digital transformation trends to open up business success.
Low Code
A low-code platform is an exceptional tool for adopting digital solutions to your business. This platform will qualify the user to create, deploy, and handle the applications without technical knowledge. It will help the user to get a pre-designed interface that will help the end-users to develop the application with a simple drag-and-drop approach. Gartner has found that “70% of new applications in 2025 will use no-code or low-code solutions.”
Therefore, Adopting this technology has created new prospects for the digital transformation environment, as with the help of low code, anyone can build their custom application with a minimal requirement of technical proficiency. This process is practical for businesses to digitalize their strategy by adopting a simple interface to make their functions much faster and easier.
Hence, choosing and combining a low-code platform can be an exceptional solution for your business to survive in the digital market with higher efficiency and paramount customer experience.
For example, a business is in demand for creating a visual dashboard for their eCommerce website but needs proficiency, but with the help of a low code platform, they can construct this process with simple drag and drop. It will also help them build a mobile application without prior experience and only by consulting with a technical team for minimal support.
AI And ML
While talking about the recent trends for digital transformation, we can’t miss the role of Artificial intelligence (AI) and Machine learning (ML). These two technology has amazingly shifted the business. It can help create an inventive strategy for increasing productivity, buyer experience, sales, and revenue.
These two trends have created their place in digital transformation for businesses long back. A recent study done by PwC has predicted that AI will influence the global economy by $15 trillion in 2030”.Therefore, adopting these technologies to your business is the core requirement to support the digital transformation process.
With the help of this visionary technology, any business can comprehend its business data to make smart decisions. For example, you want to understand your customer behavior for an upcoming sale. You can analyze their behavior in past events with the help of an advanced algorithm and predict the requirements to make sure you are ready for the upcoming sale and make higher profits.
Besides, approaching these refined technologies can also help provide a personalized user experience with great data analysis. It can facilitate business functions with the latest specialized support to guarantee rapid business growth.
Cloud Integration
The cloud has become a major factor for any kind of business recently. It is a simple process of connecting the different operations with a cloud-based system for easy managing, sharing, and handling of data for simultaneously managing versatile processes.
The core benefit of using cloud technology is that it can connect any of your business operations, starting from ERP, CMS, CRM, and much more, to ensure all the required information is effectively getting stored in the cloud platform and combined in a single storage place to ensure productivity and effectiveness.
With the help of this integration, your business can handle and analyze large amounts of data, which will help to get better results by proposing AI and ML. For example, to research your data for an upcoming product launch, you can store the complex and large amount of data collected for customer behaviour analysis with the help of AI and ML in a single cloud storage.
It will help to get useful insights more quickly without the threat of data loss or data soil. Hence, by using a cloud integration process, businesses can achieve their goal of transforming digitality with minimal effort.
Advanced Visual And Search Mechanism
Visual and search mechanism is a core requirements for online businesses, as these kinds of businesses are mostly based on advanced search and visuality. With the help of AI and ML, running a more elegant and careful investigation is possible.
These progressive technologies are proficient at easing the issue of data soil and researching the precise details linked to the client to offer the finest solution to the end-user by examining their behaviour and requirements.
With these refined search mechanisms, the user will get a great experience that will be useful for sweetening customer loyalty, resulting in profit boosting. This tool is also helpful for constructing unstructured data for better coordination with their internal team.
Beyond the search mechanism, visual support is also important for online businesses to deliver an exceptional end-user experience. To do so, argumentative reality (AR) can be used. It will help the customer get the exact product view from their mobile phone or laptop. With the help of this technology, the user can even check out the product view from their online site.
Workflow Automation
Digital transformation is adopting new techniques and redefining the current method toward progressive outcomes. Here the need for automation is necessary; this method is crucial for business effectiveness by automating the entire process, and it initiates the requirement of Workflow automation for conducting this process.
According to the McKinsey analysis, workflow automation can save 30% of the time of more than 60% of employees for conducting their day-to-day work”.Therefore, it can be comprehended that workflow automation can grow prominent benefits to the firm. This technology will facilitate your business’s day-to-day work, guaranteeing that nothing is missed out or taking too long to implement.
It will help the business lower the need for manual work by quickly handling the function suitably. This method can be done using a low code or no code practice to lower the need for architects for every work, which will help to faster the process in less time with great precision and usefulness.
With the help of ideal workflow automation, businesses can streamline almost all possible operations starting from HR, finance, sales and marketing team, IT team and many more. This process is also helpful for maintaining great coordination between all these teams by combining their data in a single place for better performance within a minimal period making it a perfect option for conducting your digital transformation journey.
Why Choose Digital Transformation For Business?
Transforming your business digitally consists of multiple benefits. It can simply swift your business growth with its mindblowing strategies and tools. Let’s analyze the key benefits of picking a potent digital transformation platform for your business.
Higher Customer Delight
Today’s buyers have higher anticipations from their preferred products and services, which has led to the need for digital transformation. With digital transformation tools, businesses can easily be aligned with the needs of different customers by conducting detailed data analysis of their behavior. It will assist in boosting buyer satisfaction by furnishing a quality experience.
The firms can supply benefits like personalized recommendations, bespoke products, specific email campaigns, and custom offers based on the different user’s needs and preferences. This digital transformation strategy for business growth can be run using AI and ML technologies’ glorified and quality algorithms to nourish the best in your consumer.
Reduce Manual Errors
In any business, minimizing manual work is a crucial process; with the help of a digital transformation platform reducing repetitive work is possible. By moving manual work to an automated system, businesses can reduce the potential errors and time for performing that specific work. This process will be helpful for gain productivity and profits for business process optimization.
For example, suppose a business can automate its workflow, like order processing, complex finance operations, day-to-day data analysis tasks, and more. In that case, it will save a lot of time and money on that distinct project. Focusing on many important affairs will help them achieve more impressive outcomes.
Data-Driven Decision Making
The core benefit of digital transformation is its higher capacity to furnish quality data analysis, supporting the firm to make more quality decisions. With the help of AI and ML, the data analysis process can be remade.
With the use of a high algorithm, the data can be investigated in a more detailed manner than ever. It will assist in getting the proper insights about the product, consumers and industry related to the precise factors for making beneficial decisions that promote profits.
Let’s take an example of personalized product development; with the help of data-driven analysis, businesses can study individual customer’s preferences to make custom products to match their unique need for offering the best product to the end-users to increase customer satisfaction and grow sales.
Better Resources Management
Resources are precious; therefore, managing them appropriately is the key business requirement. With the help of a digital transformation platform, firms can easily handle their important resources. This platform allows to consolidate all the data from distinct units in a single place, helping to enforce the function quickly at an optimal cost.
Upgrade Team Collaboration
Digital transformation helps to simply the team collaboration by using the right tools to make sure better performance. It helps make the process easier for the team with the upgraded technologies to reduce the location barrier. For example, a team member working from a different location can seamlessly connect with the other team by approaching a digital culture. Also, with the help of cloud-based sharing, the data can be stored and transferred to all the teams despite their different locations and time zones, making the team management process much easier.
How To Transform Your Business Digitally
Associating with an excellent digital solution platform is necessary for growing your business in the digital space. This process can be possible by following some powerful steps.
Set Your Goal
Identify your current platform and analyze the core pain point. Based on the analysis make your goal and gather the required tools to solve the problem accordingly. It will help you clearly visualize your firm’s digital transformation necessities.
Choose The Right Platform
Once the goal is fixed, look for an outstanding partner to implement the technology in your business. If you are unsure about the quality of technology, consult with an expert to get better knowledge and start your journey digitally.
Assign A Dedicated Team
Assigning a dedicated team is necessary to adopt this technology successfully. Choose and assign a team proficient in conducting digital transformation for your business to get a successful outcome.
Monitor And Update
Once the new approach is updated in your existing business, it’s time to monitor the progress and upgrade according to the requirements. Look for future possibilities and, if required, update your current digital solution with the new one to sustain in the competitive market.
Success Story
Many businesses around the globe have switched their existing business with digital solutions for the betterment. Let’s take the example of a few of them below:
SABIC
Sabic, a top chemical manufacturing firm based in Saudi Arabia, has moved its traditional business process with digital transformation tools to boost business effectiveness. They have adopted critical technologies, including AI, ML and big data, to run this conversion process.
They have confirmed a higher growth in their cost control, productivity and meeting the customer needs more appropriately after adopting digital transformation to their business. Sabic has effortlessly managed its overall business process by automating its HR, IT, finance and manual processes to generate higher productivity. Their successful results in their transformation make them a notable example for Saudi Arabia.
Conclusion
In today’s world, transforming digitally is important for conducting positive business growth. The conversion process can be conducted appropriately with the help of refined technologies and tools. Based on a recent study, it’s been predicted that the digital transformation market in Saudi Arabia will be projected to be $24.7 billion in investments by adopting different technologies in 2025.
Thus, with the growing technology, digital transformation can take your business to a higher level of success. Therefore, selecting the right partner is vital for accurate digital transformation. Choose wisely and grow your business positively by effortlessly managing your different operations in a single place with an exceptional customer experience.
Originally Published At - The Ultimate Guide for Digital Transformation in 2023: Navigate the Future
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